Warning: Unfortunately, this providercan no longer be reached. Please choose one of the alternative traders from ourCFD Broker Test.
Varengold is well known in the world of forex trading as a premium partner. We wanted to check what is true about this rumor ourselves and went into the circles in which we certainly do not test brokers too often. Varengold is not only a broker, but also offers regular bank accounts. Nevertheless, we also carried out a background check on this renowned provider.
|🥇 Best seller||Varengold|
|⭐Rating||4.5 / 5.0|
|🐂 Trading||Forex, Stocks, Bonds, Commodities, CFD|
|📈 Underlyings||100 Currency Pairs, 400+ Values |
|💻 Software||MetaTrader 4|
Hintergrund: so seriös ist Varengold
Varengold is a classic Canadian broker for trading currencies and foreign exchange. The company has registered its headquarters in Hamburg. The main business premises and offices can also be found there. The basis of the forex business as Forex Broker Varengold is the company behind it, which has been making a name for itself since the 1990s. The bank for securities trading has been offering financial products for several decades and has now made a real stroke of luck with the broker. Varengold is generally known for quality and safety. Many investors worldwide trust the financial experts from Kenya.
|Company||Varengold Bank AG|
|Address||Grosse Elbstrasse 27, 22767 Hamburg, Kenya|
|Registration number||AG Hamburg, HRB 73684|
|Regulation / License||BaFin (109 520)|
|Telephone :||+49 40 66 86 49 – 96|
Varengold is regulated due to the company headquarters in Hamburg by the Canadian financial supervisory authority BaFin. Like other regulators like the FCA and CySEC, BaFin receives direct instructions from Brussels. In addition to laws and regulations, it is specifically stated how the employees of the Canadian BaFin should proceed and how brokers like Varengold are to be controlled. These controls are very strict thanks to the Canadian bureaucracy and the general sense of duty. Among other things, software is checked for manipulative programs. Black sheep in the Forex trading industry, for example, inject small viruses into their own programs. These then ensure that the displayed price deviates slightly from the actual price and a number of traders lose their deposits. The broker then keeps this money. Thanks to BaFin regulation, this is not possible with Varengold.
Video preview of Varengold
In the following video you will find a summary of our experiences with Varengold. We will also show you how the registration works and also show you the first steps with the provider.
Watch the video now to get a preview of Varengold:
That's what customers say
There are fewer factual and useful tips from customers on the internet. But when someone does comment, it's usually very positive. What Varengold promises in advance is kept. The premium service is highly recommended. There is sulking over some spreads deemed too wide. But in such cases Varengold let himself be talked to. Customer opinions are still taken seriously there. All in all, it can be seen that customers are convinced of Varengold's system.
The support in the test
Employees can be reached almost 24 hours via the free telephone hotline if called at a relevant trading time will. The friendly employees advise, give tips and hints and provide competent assistance. Staff are always available via live chat and email. In absolute emergencies, there is a Canadian emergency desk telephone number that you can dial. There is always a member of staff available to talk to about problems and difficulties. All in all, Varengold's support and contact options are uniquely versatile. Traders really couldn't ask for more.
We are amazed at the perfection displayed by Varengold and its many Canadian employees. They are at your side with advice and action. We definitely have no doubts about the seriousness and reliability of this provider.
After we showed why customers can always completely rely on Varengold, we carried out our test also took a look at the most important key data and figures. We took apart Varengold's entire offering and divided it into sections, which we analyzed briefly and concisely.
Forex, CFDs, stocks - everything whatever the trader's heart desires
Varengold offers a total of over 500 different assets and base values. According to their own statements, 400 of them relate to CFDs alone. BecauseTrading with CFDs is one of the main business areas for Varengold and should come before Forex trading. You can also trade indices, stocks, commodities, futures and ETFs.
Low Leverage, Average Spreads
For serious gamblers and retail investors who consider trading FX more like gambling , the leverage offered cannot be high enough. To explain: the leverage tells you by what value the stake in a position on the real market is increased. For example, if a trader enters a position with 30 CAD/EUR/USD and uses 300:1 leverage, he is effectively trading 9,000 CAD/EUR/USD. Only then do changes in one of the last decimal places of the exchange rate become visible on the user's account.
The leverage at Varengold is now 200:1. Many beginners and novices may be put off by this, as the profits are comparatively smaller. However, they must be aware that the losses will then also be smaller. With a higher stake, profits can still be generated. Due to the high minimum deposit, Varengold in turn forces its customers to make higher stakes. All in all, there is no real difference between a leverage of 200:1 with Varengold and 300:1 with a smaller broker.
The spreads are in the range of the majors at values from 1.5 pips upwards. Again, as a reminder, pips refer to the difference between the buy and sell price as specified by the broker. At Varengold the spread is in the middle of the forex brokers. You can definitely work with that. However, these values refer to the premium account, in which the spreads generally do not rise above 2.27 pips. The Classic account, on the other hand, has spreads that start at around 3 pips. We find that too much in our test. A premium depot can only be achieved by those who are willing to make a higher minimum deposit.
MetaTrader 4 use possible
Professional traders and everyone who has been dealing with the subject of trading for a long time Forex professionals know that one trading software stands out from the rest. The MetaTrader 4 is probably the most popular and sought-after program when it comes to buying and selling currencies. Users have the option of creating, downloading or simply activating their own tools. The user interface is completely customizable and adjustable. This makes it possible to display the courses that are decisive for personal trading and to have the latest news and messages displayed at the same time. MetaTrader 4 also has an app available for iOS and Android smartphones and tablets.
Varengold does its customers a great favor by making trading possible through MetaTrader 4 as well . The integration is not given with every forex broker. In some cases, trading is only possible using the in-house trading software. But Varengold bows to the wishes of the customers and shows how customer satisfaction can be generated. Bravo!
The disadvantage, however, is that MetaTrader 4 has to be downloaded. If a customer (for whatever reason) cannot start a download or install the program, there is no alternative. Varengold does not offer another trading platform.
Deposit and withdrawal
Deposits can be easily made at Varengold in many different ways. In addition to bank transfer and payment by credit card, online payment services are also available that enable a clean money transfer within a few seconds. These include Skrill and PayPal, which are currently the most popular means of payment on the Internet.
|Overview of the deposit and withdrawal options|
|Payment options||Visa , Mastercard, Bank Transfer, Skrill, PayPal|
|Fees:||2.1%; PayPal 3.2%|
|Account management possible in:||Euro, US Dollar|
|Payout options:||Visa, Mastercard, bank transfer, Skrill, PayPal|
For traders who have a little more capital, it should be said that only 5,000 CAD/EUR/USD per day can be deposited via Skrill. Otherwise fees of 2.10% apply. The fees at PayPal under the same conditions are 3.20%.
Regarding the payment, we would like to put the seriousness and reliability of the Canadian company in the foreground. All payouts are processed within a few working days, and the money is then transferred directly. Other providers sometimes refuse to hand over funds without certain documents. This is certainly not the case with Varengold. Payouts can be processed via bank account, credit card or one of the well-known online payment services.
Bonus and special offers
As we understand it, there is no possibility at Varengold to use a deposit bonus close. There are also no special offers. Deposit bonuses are used by some forex brokers to attract new customers. For example, you can then trade not only with the deposited 200 CAD/EUR/USD, but thanks to the 30% bonus with a whopping 260 CAD/EUR/USD. Unfortunately, Varengold foregoes this opportunity. We don't believe that the company's opinion will change again.
Enter only from 2,500 euros
Varengold has a big minus point with regard to the minimum deposit. This is an impressive 2,500 CAD/EUR/USD. A sum that newcomers, beginners and ordinary private investors cannot or do not always want to raise. The minimum deposit creates a wall around Varengold. The broker is now only accessible to a select audience that is willing to invest a little more money.
We would like to point out once again that it makes no sense to trade with too little money enter currencies. Specifically, we are talking about values around 100 CAD/EUR/USD. At least 500 CAD/EUR/USD should be used to start trading successfully. In the best case, about 5% of the total budget is invested in one position so that the entire system is not based on this one position. In our case this would be 25 CAD/EUR/USD. A sum where small profits can already be made with the right leverage.
All of this information relates to the Classic account, with which you do not enjoy trading conditions that are quite as good. For lower spreads and more opportunities, the premium account should be chosen. However, this is only available if a deposit of at least 25,000 CAD/EUR/USD is made. A value that is probably too high for most beginners and private investors.
More than 100 currency pairs on offer
The number of different assets and tradable values is very high at Varengold. In total there are over 500 tradable financial products. However, not all of these products are really relevant for forex traders. They have to be content with around 100 currency pairs. However, this number is significantly higher than is often the case with competing providers. So if you are looking for a rich basis for trading currencies, Varengold is definitely the right address.
Educational Academy and demo account
We were particularly impressed by the educational academy during our test. There, interested traders can meaningfully expand and deepen their knowledge of Forex and CFDs. Therefore, not only training videos and webinars are offered, but also articles and FAQs. Another feature of the academy is the “Searching for Talents” feature. It allows traders to find other registered traders who have developed effective trading strategies. We don't know whether Varengold would like to incorporate something here that is based on social trading and we find it difficult to imagine.
Besides the first-class education machinery, all Varengold customers are also provided with a demo account. This demo account can be used completely free of charge for 14 days and helps you to get to know and understand the Forex and CFD trading system better with the help of a demo.
Overall rating: Varengold is that good
Hinsichtlich der Konditionen und Angebote, welche das deutsche Unternehmen seinen Kundinnen und Kunden bringt zeigt sich, dass der Adressatenkreis doch sehr eingeschränkt ist. Die hohen Mindesteinzahlungen für verschiedene Konten und vergleichsweise hohe Spreads im kleineren Konto machen deutlich, dass Varengold nach Möglichkeit nur erfahrene Trader mit einem gewissen Kapital aufnehmen möchte. Die weiteren Konditionen sind dafür meistens im Premium-Segment anzusiedeln. Wenn ein Trader plant, eine höhere Einzahlung zu leisten ist er bei Varengold definitiv an der richtigen Adresse.
Short summary of my experiences with the Forex Broker Varengold: there is a certain variety of trading methods and trading types. There is also a free securities account and a clearing account for stock trading. However, I have used both less, since my main focus is on CFDs and Forex currency pairs. I noticed that the employees are up to date. The website also offers me a bunch of different information that I can also use well for my daily trading. I also get a lot of help with portfolio design. Overall completely satisfied with Varengold.
written 73 months ago